- 153,583 Silver Equivalent Ounces Sold in Q3 2025
- Quarterly Revenues of US$5.5 Million, Gross Profit of US$1.7 Millio
- US$3.5 Million Exploration Program Started at the East District in October
Alex Langer, Chief Executive Officer, commented, “Q3 revenues of US$5.5 million and gross profit of US$ 1.7 million continue to show quarter-over-quarter growth, notably with a 27% increase to Adjusted EBITDA over Q2 2025, driven by stronger realized silver and gold prices and highlighting our operating leverage. We continue to optimize mining and milling performance, advance into new faces, and add equipment to increase production and reduce costs. At the same time, the Company is ramping up operations at the Coloso and Nazareno mines within the Complex as development progresses, de-watering efforts advance, and access to higher-grade zones progresses. These impacts are expected to be reflected as early as Q4 and into 2026. Longer term, we remain focused on completing a plant expansion, with the first phase – ramping up by over 50% from current 500 tpd levels to 750 tpd - 800 tpd by Q2 2026 – now underway. We have acquired surface and underground equipment for this expansion, including the second crusher with work in progress for its installation. Excavation of the area for the thickener has started, with Purchase Orders issued to start the engineering and civil works for the paste plant and the fabrication of the tank.”
Mr. Langer continued, “Quarterly silver and gold production from La Guitarra complex in Mexico was more affected than expected by power outages. The mill was only able to produce ~90% of nameplate capacity because of these outages in Q3, due to a longer and heavier rainy season, but we anticipate a stronger Q4 now that the rains ended in late October. Despite these downtimes, our financial performance continues to improve. The company expects to have a backup power generation system in place prior to the 2026 rainy season. We are also pleased to now be conducting exploration in the under-explored East District of La Guitarra, with a US$3.5 million exploration program underway and drilling expected to kick off in Q2 2026.”
Further information is attached.
